NOVI, Mich., Nov. 2, 2021 /PRNewswire/ -- Stoneridge,
Inc. (NYSE: SRI), a leading designer and manufacturer of
highly engineered electrical and electronic vehicle systems, today
announced the Company entered into a Share Purchase Agreement (the
"SPA") to sell its minority interest in Minda Stoneridge
Instruments Ltd. ("MSIL"), which represents 49% of the total
outstanding equity of MSIL, to Minda Corporation Limited
("Minda"). The purchase price of the MSIL equity shares is
$21.5 million equivalent Indian Rupee
which is payable in U.S dollars at closing. The parties
expect to close the transaction by December
30, 2021, subject to the satisfaction of customary closing
conditions.
Jon DeGaynor, president and chief
executive officer commented, "This transaction allows Stoneridge to
continue its transformation by aligning our resources with our
greatest areas of opportunity. We value the partnership we
have developed with Minda through MSIL and wish them continued
success going forward."
Prior to entering into the SPA, the Company and Minda owned 49%
and 51%, respectively, of MSIL. MSIL is based in India and manufactures electronics,
instrumentation equipment and sensors primarily for the motorcycle,
commercial vehicle and automotive markets. The Company
recognized equity in earnings of MSIL of $1.3 million for the nine months ended
September 30, 2021, and $1.5 million and $1.6
million for the years ended December
31, 2020, and 2019, respectively.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a leading global designer
and manufacturer of highly engineered electrical and electronic
components, modules and systems principally for the automotive,
commercial vehicle, off-highway, motorcycle and agricultural
vehicle markets. Additional information about Stoneridge can be
found at Stoneridge.com.
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SOURCE Stoneridge, Inc.